Sri Lanka’s Urban Development Authority profits fell 85-pct in March quarter

Aug 05, 2015 (LBO) – Sri Lanka’s Urban Development Authority group profits fell 85 percent to 199 million rupees in the March 2015 quarter from a year earlier, with revenues down 80 percent to 709 million rupees, the interim accounts showed.

Finance cost fell 98 percent to 4 million rupees compared to the 329 million rupees recorded a year earlier.

Administration expenses also fell 76 percent to 574 million rupees from 2.4 billion rupees a year ago.

Urban Development Authority is a body corporate, engaged in urban planning and sustainable urban development in Sri Lanka established in 1978 by the National State Assembly.